Benchmark indices traded lower on account of profit booking as investors turned cautious after trade deficit widened to its highest in more than three years as higher import bills for gold and crude oil weighed on rising exports. Nifty ended in red at 10709.55.
IT stocks were the major gainers of the day while Realty, PSU banks and Metal stocks were the major losers of the day.
Global Markets Update
Annual inflation in the U.K. eased a little in December, but exceeded the Bank of England’s target for the 11th month in a row, highlighting the ongoing squeeze on consumers precipitated by the pound’s steep fall in 2016.
Most Asian markets closed higher as the dollar nursed overnight losses. Greater China markets, which had slid in the last session, edged higher.
Uday Kotak’s Kotak Mahindra Bank has begun discussions to divest its stake in Multi Commodity Exchange, which was dealt a blow in December when market regulator Securities and Exchange Board India paved the way for universal exchange.
IOC shares tanks as the pact is part of the state’s concerted efforts to find sustainable solutions to paddy straw burning, which has emerged as a major environmental concern.
Lupin announced that company plans to come up with regular product launches every 3-4 months and aims to be present across all the major OTC product categories.
IT major Tech Mahindra said it has partnered with Israeli firm ContextSpace Solutions to develop the world’s first global software privacy ecosystem.
Federal Bank tanks with the stock falling around 7 percent intraday. Investors may have turned wary of the bank’s financial performance, which hinted at increase in slippages.
The Board of IDBI Bank has approved the proposal for preferential issue of capital to the government of India up to Rs2,729 crore, subject to statutory and regulatory approvals.
European stocks were slightly higher as investors monitored the release of corporate earnings while keeping an eye on the euro, which hovered near a three-year peak.
Indonesia stocks were higher after the close on Tuesday, as gains in the Infrastructure, Basic Industry and Mining sectors led shares higher.
Japan’s Nikkei share average rose to its highest level since late 1991 as a firmer dollar supported exporter stocks and expectations for strong corporate earnings bolstered investor sentiment.
Taiwan stocks were higher after the close on Tuesday, as gains in the Auto, Electronic Parts/Components and Machinery sectors led shares higher.
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